XAUUSD - KOG REPORT!

KOG Report:

In last week’s KOG Report, we mentioned the levels of 1850-55 and resistance above as shorting opportunities during the early part of the week. We suggested any advance into those levels early session and we would be looking to short the market into the lower support levels of 1830-35 and below that 1810-06. During the early part of the week, we then suggested taking partials or exiting the short trades and looking for support when price came down giving us a super return on the trade. Excalibur then gave us indications of further upside movement and we ended up completing 6 Gold long trades as well as the short we took to end off with a great week of trading in Camelot.

So, what can we expect in the week ahead?

With the price closing above the 1850-55 level we would expect there to be a tap in to the monthly supply which is sitting above. For that reason we will only be buying this week if we get a decent pullback into the 1850-55 level or there about first! Our ideal scenario here is for price to find immediate support on the hourly levels and then proceed to the upside where we will again be waiting to short the market. Just like on the way up how the retail money was taken from below before the injection of volume, we’re expecting a similar pattern on the way down from the monthly levels we have been sharing.

Initially we have the support levels of 1860 and below that 1850-55. Price supporting here could represent an opportunity to long the market up into the higher levels where we have targets waiting. We will be using our Algo to identify reaction in price and any indications of further movement to the upside, or whether Excalibur activates to confirm the short trade which is preferable for us. Initial resistance levels above 1880 and above that 1895, these are key levels with a potential TAP AND BOUNCE in to 1900-05 which needs hold for the mess below to be cleaned up.

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As always, trade safe.

KOG